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UK Expectations for Rate Hikes Lowest on Record – BoE

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The proportion of British people who think the Bank of England will raise interest rates over the next year has plunged to record low, reflecting the central bank’s decision to cut borrowing costs after Britain’s Brexit vote in June, a BoE survey showed.

The BoE said 21 percent of people surveyed in August expected the central bank to raise rates in the next 12 months, down from 41 percent in May, the lowest level since the survey began in 1999.

Nineteen percent of respondents thought the BoE would cut rates in the coming year, up from just 5 percent in May and the highest level since November 2008.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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